Navitas Semiconductor Corp (NASDAQ:NVTS) announced today the appointment of Todd Glickman as the company's Interim Chief Financial Officer and Treasurer, effective October 4, 2024. Glickman, who has been with Navitas since 2015, steps into the role following the resignation of the former CFO, Janet Chou.
Glickman, 40, brings over 18 years of experience in finance, accounting, and corporate development to his new position. His tenure at Navitas includes roles as Corporate Controller and a previous interim CFO stint. He holds a B.B.A. from the University of Wisconsin – Madison and an MBA from the University of Southern California.
The transition comes as Chou, the outgoing CFO, steps down for personal reasons. According to the company's statement, her departure is not related to any issues with Navitas' financial statements, disclosures, or accounting practices.
Navitas, headquartered in Torrance, California, operates in the semiconductor and related devices industry, as indicated by its SIC code 3674. The company's securities are registered with the Nasdaq Stock Market LLC under the ticker NVTS.
In other recent news, Navitas Semiconductor reported its Q2 2024 earnings, with revenue reaching $20.5 million, marking a 40% increase year-over-year. This growth is primarily attributed to the company's gallium nitride (GaN) technology, which includes GaNSafe integrated circuits and Generation 3 fast silicon carbide technology, and is gaining traction in markets such as AI data centers and electric vehicles.
However, despite a robust balance sheet with $112 million in cash and no debt, Navitas recorded a loss from operations of $13.3 million for the quarter.
Looking ahead, Navitas anticipates Q3 revenues around $22 million with a gross margin of approximately 40%. The company also expects its first GaN EV revenues by the end of 2025 and continues to make progress with over 100 customer projects despite a slowdown in the solar market.
In terms of company outlook, Navitas is expanding its AC to DC server power supply platforms and anticipates major U.S. GaN-based microinverter ramp in the first half of next year. Despite a loss from operations in Q2, the company has a strong pipeline in various markets with significant design wins.
InvestingPro Insights
As Navitas Semiconductor Corp (NASDAQ:NVTS) navigates its leadership transition, the financial health and market performance of the company remain a focal point for investors. According to real-time data from InvestingPro, Navitas boasts a market capitalization of $465.98 million. Despite the challenges faced by the company, one of the InvestingPro Tips highlights that Navitas holds more cash than debt on its balance sheet, which could provide some financial flexibility in uncertain times.
However, the company's performance metrics paint a mixed picture. With a negative P/E ratio of -8.75 and an adjusted P/E ratio for the last twelve months as of Q2 2024 at -4.54, the company's profitability is under scrutiny. Analysts have also revised their earnings downwards for the upcoming period, signaling potential concerns about future performance. Additionally, Navitas has experienced significant stock price volatility, with a 12.78% return over the last week, yet a decline of 17.42% over the past month and even steeper drops over three and six months.
For those considering an investment in Navitas, it's worth noting that the company does not pay dividends to shareholders, and analysts do not anticipate the company will be profitable this year. With these considerations in mind, investors can find additional InvestingPro Tips, which provide deeper insights into Navitas's financials and market expectations, by visiting https://www.investing.com/pro/NVTS.
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